GERMANY's Hamburg-headquartered global container shipping line, Hapag-Lloyd AG, has reported a strong rise in profit and revenue in the third quarter thanks to higher freight rates as disruptions in global supply chains continued to restrict transport capacity.
The shipping company said that quarterly net profit soared to EUR2.83 billion (US$3.24 billion) from EUR250.9 million in the third quarter last year, reports New York's MarketWatch.
Revenue surged to EUR6.24 billion from EUR3 billion, a boost Hapag-Lloyd attributed to higher average freight rates, due to persistently high demand for container transports at a time of scarce capacity.
'Global supply chains are under enormous pressure, which further intensified during the peak season in the third quarter,' CEO Rolf Habben Jansen said.
The company said last month that results up to the end of September would be strong, citing 'unabated' demand for containers and supply-chain disruptions.
Earnings before interest and taxes for the latest quarter climbed to EUR2.91 billion from EUR347 million, while earnings before interest, taxes, depreciation, and amortization rose to EUR3.30 billion from EUR649.1 million.
Hapag-Lloyd had expected EBIT of EUR2.9 billion and Ebitda of EUR3.3 billion, according to preliminary figures.
For the year, Hapag-Lloyd forecasts EBIT between EUR8.7 billion and EUR9.5 billion, and Ebitda between EUR10.1 billion and EUR10.9 billion.
SeaNews Turkey
The shipping company said that quarterly net profit soared to EUR2.83 billion (US$3.24 billion) from EUR250.9 million in the third quarter last year, reports New York's MarketWatch.
Revenue surged to EUR6.24 billion from EUR3 billion, a boost Hapag-Lloyd attributed to higher average freight rates, due to persistently high demand for container transports at a time of scarce capacity.
'Global supply chains are under enormous pressure, which further intensified during the peak season in the third quarter,' CEO Rolf Habben Jansen said.
The company said last month that results up to the end of September would be strong, citing 'unabated' demand for containers and supply-chain disruptions.
Earnings before interest and taxes for the latest quarter climbed to EUR2.91 billion from EUR347 million, while earnings before interest, taxes, depreciation, and amortization rose to EUR3.30 billion from EUR649.1 million.
Hapag-Lloyd had expected EBIT of EUR2.9 billion and Ebitda of EUR3.3 billion, according to preliminary figures.
For the year, Hapag-Lloyd forecasts EBIT between EUR8.7 billion and EUR9.5 billion, and Ebitda between EUR10.1 billion and EUR10.9 billion.
SeaNews Turkey
